Drilling Underway on Southern's Oro Project in New Mexico
October 12 2011 - 2:46PM
Marketwired
Southern Silver Exploration Corp. (TSX VENTURE:SSV)(FRANKFURT:SEG)
reported today that a second phase 1,500 metre diamond drill
program has commenced at the Company's Oro Project in New Mexico,
USA. Multiple drill targets are planned to test several deposit
types, including bulk-tonnage intrusion-related gold, polymetallic
replacement (CRD)/skarn deposits, and copper-gold porphyries. The
drilling is planned within a +2km long mineralized corridor located
in the historic Au-Ag Eureka Mining District near the town of
Lordsburg.
The initial 2011 hole, ORO11-006, has been collared in a
prospective area located between two anomalous holes drilled by the
Company last year. The hole has an anticipated depth of
approximately 600 metres and the Company plans to conduct down hole
IP geophysics upon completion of the coring phase in an effort to
generate new targets.
Company President Lawrence Page Q.C. said, "This is the first
round of drilling since the claim package, consisting of Federal
land, State land, and privately owned land has been consolidated
into a comprehensive claim package. First phase drilling identified
numerous targets on land which was not open for our exploration and
which we now intend to explore in this phase of drilling to extend
many areas of mineralization encountered in previous drill holes
which were terminated at the claim boundaries."
Oro Update
Southern Silver recently added 40 additional claims at the Oro
Project in order to cover several airborne magnetic geophysical
anomalies that are often coincident with mapped alteration
assemblages suggesting the potential for a much larger mineralizing
system on the property. Field examination included the collection
of additional geochemical samples and magnetic susceptibility
readings at various surface locations and from the Company's 2010
drill core. These readings enabled a more detailed interpretation
of the airborne magnetics that when combined with the additional
geochemical data allowed drill sites to be chosen for two of the
three primary exploration targets: a deeply buried but large
porphyry copper-gold target and a shallower, disseminated gold
target.
About the Oro Property
The Oro Project comprises a contiguous block of Federal, State
and Private land totaling 17.2 sq km in the historic Eureka Mining
District in southwest New Mexico.
The New Mexico Bureau of Mines estimates production from the
Eureka district at 2.9 million pounds of lead, 1.7 million pounds
of zinc, 0.5 million pounds of copper, 0.45 million ounces of
silver, and 5,000 ounces of gold in oxide ore, mined from shallow
workings above the water table from 1880 to 1961. Reported grades
are attractive, ranging to 20 oz/ton Ag, 4% combined Zn and Pb, and
up to 0.04 oz/ton Au. Smaller amounts of high-grade mineralization
are reported to assay up to 5.5% Cu and 840 oz/ton Ag(1).
Southern Silver's work on the property has identified strong
surface alteration, and distinct geochemical zoning in rock and
bio-geochemical samples in three distinct target areas. Anomalous
gold and base-metals often occur in association with thick
intervals (+10 metres) of silicification, pyritic sulphides, and
variable skarn alteration and hornfels in two of the five Phase I
core holes.
Historic data in conjunction with Southern Silver's work to date
suggest good potential for bulk- tonnage, intrusion-related gold
mineralization with copper-gold porphyry potential at depth and
possible polymetallic replacement/skarn deposits along several
prominent structures on the Oro property.
Southern Silver has the right to earn a 100% interest in the
property by making payments totaling $300,000 to private vendors by
December 2012.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an emerging precious/base
metal exploration company and a member of the Manex Resource Group,
a private company comprised of an exceptional multi-disciplinary
team of professionals, with specific expertise in all the areas of
exploration, development and public company administration.
The Company's growth strategy is to acquire, explore and develop
high-quality properties in progressive jurisdictions within North
America. Current projects include the silver-lead-zinc Cerro Las
Mintas, copper-gold-silver Minas de Ameca, the porphyry
copper-molybdenum project Dragoon in Arizona, and the gold-silver
project Oro in New Mexico.
Robert Macdonald (P.Geo) is a Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the
technical contents of this release.
(1) Data is from historical State of New Mexico files. Southern
Silver has not attempted to verify this data, but has no reason to
believe that these results are not representative historical
production from this area.
On behalf of the Board of Directors
Lawrence Page, President, Southern Silver Exploration Corp.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements. These statements are based on a
number of assumptions, including, but not limited to, assumptions
regarding general economic conditions, interest rates, commodity
markets, regulatory and governmental approvals for the company's
projects, and the availability of financing for the company's
development projects on reasonable terms. Factors that could cause
actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, the timing and receipt of government and regulatory
approvals, and continued availability of capital and financing and
general economic, market or business conditions. Southern Silver
Exploration Corp. does not assume any obligation to update or
revise its forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Southern Silver Exploration Corp. Liana Shahinian
1.888.456.1112liana@mnxltd.comwww.southernsilverexploration.com
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